Death cannot be avoided. This is a reality that everybody has to accept. Since it cannot be avoided, what people need to do is a plan for it. The best way to do this is through estate planning. By setting up trusts and writing a valid will, a person will ensure that their estate will be distributed or managed according to their wishes when they pass away. Every person who is at least 18 years old needs to have a will to ensure their estate can be distributed according to their wishes.
Will Preparation Guide
A will can only be prepared by an adult of sound mind. Since this is a legal document that describes how the estate of the owner will be distributed when they pass away, it should be prepared with the help of a legal expert. There are three options that a person can consider. The first is to hire a solicitor to draft the will. The second option is to hire a private trustee to help with will preparation. Lastly, a person can choose to have their will prepared by the public trustee. It is important to note that will preparation rules differ from state to state, so you need to familiarise yourself with local laws when preparing your will.
Having a will is incredibly important. Unfortunately, more than half of all Australian adults do not have a will. Since death is inevitable, dying without a will means that the courts will have to determine how your estate will be distributed. Usually, a trustee is appointed by the courts to administer the estate of the deceased. Taxes and debts are usually settled first before the remaining assets are distributed based on a predetermined formula. This means that the wishes of the deceased will not be honoured as they have not been specified in a will. That is why it is crucial for every adult to have a valid will, which should also be updated regularly.
Writing a Will
You can take control of your circumstances by creating an estate plan with Willcraft Estate Planning. If you have no idea about where to start or how your assets should be distributed, you should make an appointment with Willcraft Lawyers to discuss your options. Please note that your will can only be legally binding if it is in writing, bears your full name and has two witnesses. None of the witnesses can be a spouse or heir.